Bitcoin price is constantly trying to jump beyond the crucial renaissance very close to $17,000 but facing major turbulence in slicing through $16,900.
Meanwhile, the altcoins are also facing much heat as the bearish cartel has strengthened its roots at the moment. Besides the speculations of the bear market reaching the climax are hovering within the crypto space.
A popular analyst, Micheal van de Poppe, believes that the bitcoin bear market is about the end as the Bitcoin price is about to ignite a ‘Golden Cross’.
In a recent video update, the analyst says that the event is about to begin in June which may be extended towards December where-in the BTC price may elevate to reach $37,000 levels.
“The actual move happens prior to the actual cross taking place so in essentially we are at the low or we close towards it and the Golden Cross which is taking place here is most likely going to take place during June towards December,”
Further, the analyst believes that the BTC price may replicate 2018-19 as the markets have slid heavily at the moment. Hence the markets may approach the levels where-in they may face some relief.
However, he goes on to say that in the weekly time frame, the BTC price is required to hold the crucial levels at around $12,326 to maintain some strength within the rally. Conversely, if the BTC price breaks above $18,000 then it may rise beyond $20,000.
To do so, the BTC price is required to flip above the crucial $17,500 in the lower time frame and $18,600 in the higher time frame. This may ignite the further upswing towards the next set of targets beyond $21,000.
“Once we flip $18.6K and even a lower time frame $17.5K those are the first arguments for continuation towards the upper boundaries and then we are looking at a potential case or first running towards $21.21K $23.5K and a $29K and possibly even $38K which is already a two and half X from here,”